Verifiable Credentials for Cross Border Trade Project

Project proposal:   The recent W3C Verifiable Credentials (VC) and Decentralised Identifiers (DID) standards represent a new opportunity for scalable exchange of high integrity verifiable data. Like the chip in an e-passport, VCs and DIDs allow any trade document to cryptographically verifiable by any party to whom it is presented.  Also, like the chip in a passport, VCs are also human readable and so remain compatible with paper processes – so that issuers can go 100% digital without any dependency on verifier digital maturity.  This technology offers several opportunities to improve cross border trade efficiency and integrity

• Reducing cost of trade through digitization of cross border documents such as certificates and permits.
• Improving access to trade finance for SMEs by allowing financial institutions to automate due diligence for letters of credit
• Reducing counterfeit goods by linking physical products to verifiable origin information
• And many more potential use cases

 One challenge is that, as a new technology, awareness amongst policy makers of how best to leverage verifiable credentials is low.  Furthermore, there are interoperability risks if adoption increases quickly without underlying semantic standards.  Therefore, there is a need for guidance material in the form of a UN/CEFACT white paper.

This initiative will pave the way for cross border mutual recognition of high integrity verifiable data.

The following are draft milestones of the project.